Valentine Upgrade and Lightning Fast P2P Nodes Drive Blockchain Advances

• According to a recent blog post by Input Output HK, the Cardano network has registered massive development in various sectors.
• The Valentine update combined with the launch of the Djed coin is cited as some of the factors that have helped the network grow.

The InputOutput organization behind the Cardano blockchain revealed that the network has hit many relevant milestones. In the recent blog post, the impactful improvements made to the Cardano network were described in full. Since the start of 2023, Cardano has made progress in the core areas of interoperability, scalability and sustainability.

In this blog, we summarize the subtle but impactful improvements made so far this year #Cardanoits core areas of interoperability, scalability and sustainability.

— Input Output (@InputOutputHK) 11 May 2023

The blog post noted that the Cardano blockchain is slowly and surely becoming a blockchain with the capacity to host a new DeFi system. Thanks to the major upgrades carried out in previous years, the use of hard forks and effort delegation has entered the network. In addition, native assets, NFTs, Plutus and Marlowe smart contract platforms have been added to Cardano.

It’s worth noting that the improvements this year have been quite subtle. However, they deeply affect the core evolution of the network, including interoperability, scalability and sustainability, all of which define Cardano as a third-generation blockchain. The blog post revealed;

First, February’s upgrade, Valentine, helps developers create software that uses smart contracts and expands Cardano’s compatibility with other blockchains. The upgrade name came from the planned release date that coincided with Valentine’s Day – for the love of DApps!

The Valentine upgrade, the blog said, also supports the SECP256k1 curve, which a handful of leading cryptocurrencies use for their public key cryptography.

The Valentine upgrade adds support for a curve called SECP256k1. Bitcoin, Ethereum and Binance Coin use this for their public key cryptography, so the change improves compatibility between Cardano and these other leading blockchains. In particular, people and companies creating decentralized applications (DApps) on Cardano will be able to use two additional types of signature, Elliptic Curve Digital Signature algorithm (ECDSA) and Schnorr, to verify data.

Cardano registers growth in various aspects after carrying out several network upgrades

In particular, this is one of the additions to Cardano’s native signature algorithm known as the Edwards-curve Digital Signature Algorithm (EdDSA).

When it comes to scalability, Cardano mentions that it has actually made significant progress. Thanks to the Hydra technology that currently sits on top of Cardano as a layer 2 protocol, developers have the ability to create their own mini blockchains.

In addition, Hydra heads allow for speeding up the processing time of applications. It also takes this burden away from the main chain which would do the work instead. Hydra’s impact doesn’t end there. Going even further?

The Hydra technologies are now helping to cut down the costs of transactions. These benefits have led Input Output Global (IOG) to partner with MLabs to build an auction using Hydra technology. This inevitably highlights the power of technology. Going forward, another massive project referred to as Obsidian Systems will introduce payments using Hydra technology.

Dynamic P2P also does a lot for the overall sustainability of the network. With peer-to-peer communication, network connectivity remains decentralized by allowing relay nodes to interact directly with each other.

The network evolution can be credited to the release of the Cardano node software, which introduces more automated communication capabilities (versions 1.35.6 and 1.35.7).

The process of choosing other nodes to communicate with, during the process of transaction validation, or during the process of performing many different tasks necessary to keep Cardano active, has been automated as a result of the recent update. Denial of service attacks, or DoS attacks, are very common. However, Dynamic P2P works to improve network security by making the network more resilient to denial-of-service (DoS) attacks.

The network also recorded the addition of another decentralized finance (DeFi) jigsaw, following the launch of the Djed stablecoin on Cardanonneteork back in January. In just 24 hours after launch, 27 million ADA backing was made available on exchanges such as MinSwap, MuesliSwap and Wingriders.

Djed will open the doors to more DeFi opportunities for the entire Cardano network. As six ADA tokens back each Djed’s coin, to maintain the stability of the coin’s price. Djed must also be used to settle payments and cover online fees.

In closing, Cardano acknowledged that IOG had expanded its training courses designed to benefit programmers and fintech workers who lack in-depth programming experience. The citrus is very technical and question and answer based. They cover Marlowe and Plutus related topics.

Over 500 people at IOG “have been drifting away on Cardano,” the blog added. As a result, more than 180 projects have been launched while thousands are still in the works. IOG reiterates its commitment to advancing the network with each new upgrade.

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